A high concentration of tokens doesn’t add up credibility to a project. A healthy coin has over 10 transactions a minute, while the overall number of holders exceeds 300 wallets. Understanding the overall trajectory, red flags, and obvious signs of higher risk, you can significantly limit shitcoins in your portfolio [as long as you want to]. Let’s address specific points of attention you may recall each time in doubt. Although you can barely avoid all shitcoins through your trading journey, you can reduce the chances by following simple suggestions. We have to note that Baby Doge Coin appears to be among the more serious meme coin projects, as they are attempting to give BABYDOGE some additional utility.
Shiba Inu – The Dogecoin Killer With Millions of Followers
It is highly likely that Dogecoin will not reach $10 in 2023, or in the near future, and the greatest impediment to this growth is its bloated maximum coin supply. Open an account with eToro, deposit some funds with USD, and finally – buy shitcoins for just $10. Well, Shitcoins refer to digital currencies with no real value or a discernible real-world use case. They are also referred to as meme currencies or joke currencies because most are inspired by memes, jokes, and online banter. The fact that it launched during the May 2021 market crash implies that it missed the early 2021 market run. But it did prove its worth in the November mini-rally when it posted a 1230% value gain.
- In general, cryptocurrencies—with very few exceptions—have any underlying value.
- Just make sure to have some ETH in your wallet to cover transaction costs.
- If a significant portion of one’s investment is locked in worthless tokens, they miss out on other potentially profitable opportunities.
The 6 Best Shitcoins to Invest in for 2024
In the vast universe of cryptocurrencies, not all coins are created equal. While some have the potential to revolutionize industries, others, colloquially known https://cryptolisting.org/ as “shitcoins,” can lead unsuspecting investors down a perilous path. But what exactly are these so-called “shitcoins,” and how can one identify them?
Sponge V2 (SPONGEV – Version #2 of hugely popular 2023 meme coin with Coinbase listing potential
It’s a non-custodial wallet allowing shitcoin buys using crypto and fiat currencies alike. You can get some directly through the built-in interface if you don’t have any crypto holding. The platform provides a list of purchasing options [Market pairs], so that you understand. If you spot an instance of low-quality English, lack of structure, or quick-and-dirty design, make sure to turn highly cautious to further exploration. Also known as pyramiding, pump & dump is an artificial increase of an asset’s price by attracting new buyers. Each consecutive buyer is just an exit liquidity for early investors and up the food chain.
How to buy shitcoins?
At the time of writing, Rich Quack has a market capitalization of about $52.2 million, which places it at the 520th position in the crypto market cap rankings. Most of the cryptocurrencies featured on this list have very weak fundamentals and are unlikely to stick around over the long term. When looking for the best shitcoins to buy, it’s better to go with a short-term strategy and sell them as soon as you make some gains. No one can identify the next shitcoin to explode with utmost accuracy.
As we’ve mentioned earlier, finding the greatest shitcoins to buy is ultimately done mostly for financial gain. Furthermore, nothing completely captures the potential for profit when it comes to shitcoins like celebrity endorsements. Personally, I pull out the initial investment after 3x and 20%-30% after each 3x after that. Make sure to actually write this stuff down, as the emotional pulls of the market will throw you off at some point if you don’t. If you’re totally crazy and want all the risk you can get, you might just let the investment ride to the moon, taking no profits at all after pulling your initial investment out. With this in mind, it’s obvious that shitcoins with strong communities are more likely to do good.
Once you understand what shitcoins are, let’s recall some of the popular ones. Shiba Inu and Dogecoin are among the most popular shitcoins by sheer market capitalization. One of the most popular meme coins of 2023, Sponge quickly surged to a $100m market cap and achieved 100x milestones. Its development team has been focused on growing a community – or, as they call it, the Floki Movement- around the meme coin. They are also keen on transforming FLOKI into a utility token, seeing that their partnership with CrytoCart allows you to buy goods with the meme coin from 1700 stores.
You might want to consider the top 5 exchanges based on liquidity ratio. Once you spot top liquidity, ensure the exchange supports the shitcoin you’re willing to trade. As a rule of thumb, you might want to avoid trading anything not listed within the top 25 exchanges. Check on the latest updates, community vibes, and the narrative around the project in media or LinkedIn before buying any tokens. The GitHub page might be an excellent source to scoop the latest information.
Remember that some shitcoins can be frauds, like Will Smith Inu (WSI), a project that suddenly lost all of its value. Scam shitcoins typically only appear on one DEX (decentralized exchange)and are never listed anywhere else. However, this can also apply to newer projects or ones that haven’t had their big break yet. What I would do now is to stick around for a few days, see how the community develops. If the number of members in the telegram channel doubles after a few days, it’s time to consider investing.
It is centered around the all-popular NFT project – Bored Ape Yatch Club by Yuga Labs. To trade shitcoins, use cryptocurrency exchanges to buy low and sell high. Monitor market trends, use technical analysis, and set clear entry and exit strategies. As the crypto market matures, regulatory bodies worldwide are becoming more vigilant about protecting investors from potential scams and dubious projects.
We evaluated the level of community engagement surrounding each shitcoin, taking into account factors such as active participation, passionate advocacy, and community-driven initiatives. This involved assessing the strength of the community’s support and involvement in the project. We looked for standout features, innovative concepts, how to deposit crypto into the crypto.com or unconventional approaches. We considered whether the coin offered something truly distinct in a crowded cryptocurrency landscape. Shitcoins usually tend to be low-cap cryptos and have a high circulating supply. Exceptions to this rule exist, and some coins are deflationary, meaning their supply decreases through token burns.